A land bank is essentially the big reset button for problem properties. Since the real estate crash in the mid-2000s, every city/county has vacant properties, dilapidated properties, properties where the delinquent taxes are approaching or exceeding the value of the property themselves, or title problems preventing tax sales from happening. Land banks were created to address these specific issues. Basically, a land bank is a government entity which focuses on these problem properties and how to get them back into a revenue-producing state. Your land bank can be specifically crafted to meet your needs- it can be a small organization that focuses on creating green space in your area, or it can be a larger organization dedicated to increasing affordable housing options. It is an organization that should be designed with your unique objectives in mind. When our team works side by side with you to create a land bank suited to your needs, you will finally have a tool to address your problematic properties.
How Does the Land Bank Work?
We Acquire the Properties
Typically, we get the problematic properties through donations, foreclosures, code enforcement liens, or tax sales.
We Get the Properties Ready
We wipe out the liabilities, liens, and back taxes so that we can return them to market and make them available in a publicly-listed inventory for purchase. Properties can also be re-purposed for use by the city or county, such as building a needed school.
We Help Put Properties to Beneficial Use
After we acquire the properties, we hold them in the Land Bank’s inventory. If someone wants to purchase a property held by the Land Bank, we will provide them with an application packet and make sure their application is complete. This provides a solution for local governments to improve the city or county’s overall property values without depleting resources.
The Foster & Smith Difference
Customized to Your Needs
Why should your land bank look like everyone else's? We don’t believe in a ‘one-size-fits all’ approach. We will help you create an entity that focuses on meeting the unique needs of your community.
Low Cost to Establish
Drawing on elements from our experience in the field allows us to help you get your Land Bank Authority up and running for less. We recognize your city or county has many important concerns to finance so we will minimize the cost spent on your land bank.
Prioritizing Your Community Goals
Whether you need to create affordable housing, expanding green space, acquiring properties for future governmental use, or removing those unsellable parcels from your delinquent list permanently, we have the know-how and can help you get there. We will always stay focused on your city or county's desired improvements.
Hear from our clients!
CEO, Harbinger Marketing
Foster & Smith is the best legal team I have ever worked with! Their team is knowledgeable and reachable when I need them. Most importantly, they understand the needs of a small business. Foster & Smith understands the importance of efficiency and a strong return on legal investment. Their advice has been very helpful with any legal issues I've had to navigate. Harbinger Marketing is more effective and better protected because of investments made with Foster & Smith. I'd highly recommend them to any business owner!
I want to thank Foster & Smith for a great job, from start to finish. Keeping me informed with paperwork, contacts and the Courts of the final completion of favor with getting the Quiet Title Action resolved. Their team kept me informed of all paperwork, contacts, and the Courts until the moment of final completion. Mr. Blake Meadows and the staff [obtained] a very, very positive result in my favor [with] the Court clarifying my sole legal ownership of my property. I strongly recommend Mr. Blake Meadows and this law firm to whoever is looking for serious, dedicated, honest, reliable attorneys who will work with and for their clients nonstop until the job is completed in their favor. Lastly, Mr. Blake Meadows and I got a chance to talk about the Word of God, our mission for the Lord, and family. Mr. Meadows is a great brother, friend and Lawyer to know. Thank you all Mr. Blake Meadows, staff and firm.
I would highly recommend Foster & Smith to anyone who needs the services their firm offers. Foster & Smith represented me well. Everything was done in a timely manner and they kept me apprised of everything going on in my lawsuit. My experience was Superb and A+.